Last week, Bank of America unveiled its 2024 Women & Minority Business Owner Spotlight, offering new insights into the challenges, ambitions and strategic plans of U.S. business owners. This year’s survey, conducted in partnership with the Bank of America Institute, highlights the optimism and adaptability of small and mid-sized business owners (revenues up to $50MM), with specific insights into the perspectives of women, Hispanic-Latino, Black/African American and Asian American and Pacific Islander (AAPI) business owners, as they navigate an evolving economic landscape.
This year’s findings show a sharp focus on growth, with 78% of business owners overall anticipating revenue growth over the next 12 months. This level of confidence spans most business owners, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American and 83% of AAPI entrepreneurs anticipating revenue growth in the year ahead—serving as a clear indication that many believe their companies are well-positioned to thrive.
Alongside the optimism, business owners are acutely aware of the hurdles that could impact their performance. Business owners across all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months, with 66% believing the local economy will improve, 60% believing the national economy will improve and 57% believing the global economy will improve. However, data suggests that smaller employers are less optimistic. While 78% of mid-sized business owners plan to expand and 61% plan to hire over the next year, just 50% of small business owners plan to expand and 39% plan to hire.
This divergence across business size aligns with Bank of America Institute’s September Small Business Checkpoint, which found lower confidence among smaller businesses compared to their larger counterparts. However, consistent with the survey finding that business owners are continuing to expand their businesses, the Small Business Checkpoint showed continued payroll growth and elevated hiring demand compared to 2019.
For women entrepreneurs specifically, over half (57%) plan to expand their business over the next 12 months. Their expansion strategies include growing their customer base, creating an online presence and utilizing professional services. But even with expansion goals in mind, 54% of women business owners increased their prioritization of their work-life balance over the past year. Women measured their work-life balance primarily through having time to take care of personal responsibilities and feeling like they have enough energy to accomplish everything they want to.
The 2024 Bank of America Women & Minority Spotlight captures the commitment and adaptability of U.S. business owners, providing a glimpse into their ambitions and the strategies they are using to navigate a complex economy. To understand more about business owners’ perspectives on growth, economic pressures and workforce challenges, the full report offers key insights into how business owners are preparing for the future.